Sinai Medical Center, based in West Palm Beach, FL, pays $1.45 million for the Century Village administration building there. Kramont's proceeds from this sale are approximately $1.2 million.
In a separate transaction, two companies partner to buy Hillcrest Mall in Phillipsburg, NJ for $7.75 million. The new owners are Hopewell, NJ-based Hillcrest Associates LLC and Phillipsburg-based Hillcrest Medical Plaza LLC. Kramont's proceeds are approximately $7.7 million.
Neither of the properties was encumbered. As a result of the sale, Kramont will record a gain of about $2 million in the third quarter.
Louis P. Meshon Sr., Kramont's president and CEO, says the sales are "in keeping with our strategy to refine our asset base and narrow our geographic focus. These transactions help us achieve a greater concentration of centers in markets east of the Mississippi that feature retailers providing products and services essential to everyday living."
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